Prime International acquires Eni’s business in Pakistan

KARACHI: Prime International Oil and Gas Company Limited (Prime), a 50-50 joint venture between Hub Power Holdings Limited and Eni’s Employee Buy-out Group, has acquired 100 percent shareholding of Eni Pakistan Limited.

“We are pleased to inform you that, subject to requisite regulatory processes, the Eni Transaction (acquisition of Eni’s business in Pakistan) has now been completed,” Hub Power Company Limited (Hubco), the parent company of Hub Power Holdings Limited, said in a bourse filing on Friday.

Last month the Eni’s Employee Buy-out Group, entered into four sale purchase agreement with Eni International BV, Eni Oil Holdings BV, Eni UK Limited and Eni ULX Limited for the purpose of acquiring Eni’s business in Pakistan.

The ‘ENI Transaction’ involves Prime purchasing 100 percent shareholdings of Eni Pakistan Limited,

Eni AEP Limited, Eni Pakistan (M) Limited and Eni New Energy Pakistan (Private) Limited from the selling

entities.

Eni, a global energy company, has been operating in Pakistan in the exploration and production sector for more than a couple of decades.

Hubco said the successful completion of the Eni Transaction is a further testimony of “our commitment to continuous growth, diversification of our portfolio and maximizing value to our shareholders”.

“Through Prime, the Hub Power Company will further develop critical indigenous fuel sources for the country and work towards optimum utilization of our natural resources,” it added. “This will help in reducing the country’s reliance on imported fuel sources.”

Last year, Hub Power Holdings Limited acquired all the upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan.

Eni in March last year reached an agreement to sell its shares in its entities in Pakistan to Prime , Hubco joint venture.

As part of the exploration and production sector strategy, the joint venture is looking for growth opportunities in oil and gas fields that it already owns as well as new fields that the government may put on the auction block.

Analysts said the Eni transaction will let Hubco enter the energy exploration segment as the joint-venture firm will make use of the fields previously controlled by the Italian multinational.

Through Prime, the Hubco will further develop critical indigenous fuel sources for the country and work towards optimum utilization of natural resources. This will help in reducing the country’s reliance on imported fuel sources.